TORONTO, March 29, 2023 (GLOBE NEWSWIRE) -- Recent study report released by Data Bridge Market research with titled “Luxury Handbag Market” (covering USA, Europe, China, Japan, India, South East Asia and etc) highlights opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. The Luxury Handbag market research report encompasses a thorough analysis of the Luxury Handbag industry with respect to several factors that range from market drivers, market restraints, market segmentation, opportunities, challenges, and market revenues to competitive analysis. Furthermore, key players, major collaborations, mergers & acquisitions along with trending innovation and business policies are reviewed in the report. It is a top-notch market research report generated by skillful and experienced team players who support in accomplishing absolute growth and success in the business. As per this report, the market is expected to grow at a substantial Compound Annual Growth Rate (CAGR) during the forecast period.
By synchronizing with project managers, the team provides the clients on every strategic aspect including product development, key areas of development, application modeling, use of technologies, acquisition strategies, exploring niche growth opportunities, and new markets. It includes detailed profiles for the market’s major manufacturers and importers who are influencing the market. To achieve success in the competition of the global marketplace, going for this global market analysis report is key. The Luxury Handbag marketing report takes into account all the opportunities, challenges, drivers, market structures, and competitive landscape for the clients.
Data Bridge Market Research analyses that the luxury handbag market is expected to undergo a CAGR of 8.20% during the forecast period. This indicates that the market value, which was USD 22.61 billion in 2021, would rocket up to USD 42.48 billion by 2029. “Handbag” dominates the type segment of the luxury handbag market owing to the rising number of fashion-conscious consumers globally.
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From the name itself, it is clear that luxury handbag are the handbags that are crafted using high grade and quality materials. Luxury handbags are manufactured by skilled craftsmen and are seen as an investment and a symbol of prestige. Luxury handbags are easily available via online and offline modes of distribution.
Opportunities
- Rising Research and Development Operations
Increased funding from federal government pertaining to the research and development proficiencies is also bolstering the growth of the market. Research and developmental operations directed towards sustainable development will ensure optimum and judicious use of resources, thereby improving the market value.
- Rise in the Technological Advancements
Rising technological advancements pertaining to the manufacturing technology is further inducing growth in the market value. Increasing number of technological advancements driven with a view to minimize the production costs and wastage coupled with rise in the acceptance of laundry services that are accessible over the internet has ensured a bright future for the market.
Furthermore, upsurge in the strong demand for various end-use industries will positively impact the market’s growth rate. Additionally, rise in the awareness among people about e-commerce platforms and growing awareness regarding the benefits of handbags will further cushion the market's growth rate. Also, rising number of product innovation activities rising number of working women population across the globe and availability of different colors, shapes, and designs that offer aesthetic appeal will further increase the demand of the smart bottle market.
Some of the major players operating in the Luxury Handbag Market are:
- Macy’s Inc. (US)
- MARC JACOBS INTERNATIONAL, LLC (US)
- Michael Kors (US)
- LACOSTE (France)
- PVH Corp. (US)
- MCM Worldwide (Germany)
- Michael Kors GmbH (Switzerland)
- Ralph Lauren Corporation (US)
- Cartier International SNC (France)
- Guccio Gucci S.p.A. (Italy)
- Giorgio Armani S.p.A. (Italy)
- Valentino S.p.A. (Italy)
- Burberry Group PLC (UK)
- Chanel S.A. (France)
- Dolce & Gabbana S.R.L. (Italy)
- Prada S.p.A. (Italy)
- Atelier (US)
- Louis Vuitton (France)
- Tory Burch LLC (US)
Recent Development
- In February 2022, Louis Vuitton a French company is increasing its capacity to produce ultra-high-end handbags, to ramp up competition in France with Hermès USA. On the other hand, Hermes USA is opening three new factories as it wrestles to keep up with the demand for some of its products.
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The investment made in the study would provide you access to information such as:
- Luxury Handbag Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
- Luxury Handbag Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Luxury Handbag Market Drivers
- Fashion Consciousness Influenced The Market Growth
Growth in the number of social media bloggers coupled with rising penetration of social media platforms is widening the scope of growth for the market. In other words, rising awareness about the latest trends and designs via celebrity and blogger endorsements coupled with the consciousness to wear the latest trends is directly influencing the market growth of the market. Also, growth and expansion of consumer goods industry is directly influencing the market growth rate.
- Growing Awareness to Direct the Market Demand and Supply
Increased awareness about the different types of brands in the market is inducing increased demand and supply on global scale. Rising availability of a wide array of raw materials to manufacture the handbags is inducing a good market growth rate.
- Growing Disposable Income to Direct the Luxury Handbag Market Growth
Rising spending capacity on premium products coupled with increasing internet penetration is inducing the market growth rate. Additionally, the rise in the use of personal stuff and the prevalence of improved distribution sector is creating a great scope of growth for the market.
For Additional Market Analysis Insights, Visit @ https://www.databridgemarketresearch.com/reports/global-luxury-handbag-market
Luxury Handbag Market Segmentations:
Type
- Handbag
- Backpack
- Wallet
Material
- cotton
- Leather
- Nylon
- Synthetic
End-user
- Men
- Women
- Unisex
Distribution channel
- Duty-Free Stores
- Online Stores
- Discount Stores
- Hypermarkets
- Specialty Stores
Luxury Handbag Market Country Level Analysis
The countries covered in the luxury handbag market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the luxury handbag market owing to the fact that some of the countries such as Germany, France, and UK comprise of several key value addition brands that have been gaining higher level of traction among target customers.
Asia-Pacific on the other hand, is estimated to witness significant amount of growth in the eyewear market and is projected to show the highest compound annual growth rate during the forecast period. This is because of the high population and growing acceptance of fashion products.
Table of Content
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Luxury Handbag Market Overview
- Global Luxury Handbag Market, By Type
- Global Luxury Handbag Market, By Material
- Global Luxury Handbag Market, By End-User
- Global Luxury Handbag Market, By Distribution Channel
- Global Luxury Handbag Market, By Region
- Global Luxury Handbag Market, Company Landscape
- SWOT Analysis
- Company Profile
- Questionnaire
- Related Reports
To Access The Complete Table Of Contents, Click Here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-luxury-handbag-market
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